Metformin Hydrochloride API Market: Rise in Prevalence of Diabetes to Drive Market
Metformin Hydrochloride API Market: Introduction
According to the report, the global metformin hydrochloride API market was valued at ~US$ 300 Mn in 2020 and is projected to expand at a CAGR of ~5% from 2021 to 2031. Metformin hydrochloride is primarily used in the treatment of diabetes. The prevalence of diabetes is expected to increase across the world due to change in lifestyle and factors such as malnutrition and genetic mutations. According to government and private organizations operating in the diabetes industry, diabetes is considered one of the top fatal diseases globally. According to the American Diabetes Association, diabetes accounts for around 71,000 deaths in the U.S. each year. Diabetes is more prevalent in the geriatric population. According to the American Diabetes Association, over 25% of the diabetic patients in the U.S. are aged 65 years and above.
North America held a major share of the global metformin hydrochloride API market in 2020 due to high procurement of metformin hydrochloride API by pharmaceutical companies and contract manufacturing organizations in the region. The metformin hydrochloride API market in Asia Pacific is expected to expand at a high CAGR of 6.9% from 2021 to 2031.
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Rise in Prevalence of Diabetes to Drive Market
The rise in prevalence of diabetes is projected to drive the global metformin hydrochloride API market during the forecast period. Diabetes is a critical long-term condition with a major impact on the lives and well-being of individuals across the world. It is among the top 10 causes of death in adults, and was estimated to have caused 4.2 million deaths globally in 2019. According to the International Diabetes Federation, the global prevalence of diabetes was 9.3% (463 million people) in 2019 and expected to reach 10.2% (578 million people) by 2030 and 10.9% (700 million people) by 2045.
High income countries have higher prevalence of diabetes i.e., 10.4% compared to low-income countries at 4.0%. Around 374 million people are at increased risk of developing type 2 diabetes.
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Metformin Hydrochloride to Dominate Global Market
In terms of product, the global metformin hydrochloride API market has been classified into metformin hydrochloride, metformin hydrochloride DC, and others. The metformin hydrochloride segment dominated the global metformin hydrochloride API market in 2020, and the trend is anticipated to continue during the forecast period. The segment is likely to dominate the market due to high consumption of metformin hydrochloride by pharmaceutical companies and availability of products in the market.
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Pharmaceutical Companies Held Major Share of Metformin Hydrochloride API Market
Based on end user, the global metformin hydrochloride API market has been categorized into pharmaceutical companies, contract research organizations, and others. The pharmaceutical companies segment held a major share of the global metformin hydrochloride API market in 2020. The pharmaceutical companies dominance can be attributed to increase in production of metformin hydrochloride drugs, rise in R&D, and presence of a large number of pharmaceutical companies.
Extended Release Tablet to be Preferred
In terms of dosage form, the global metformin hydrochloride API market has been divided into tablet, extended release tablet, and oral solution. The segment’s dominance can be attributed to the benefits offered by extended release tablets such as reduced frequency of dosage over other dosage forms.
North America to Lead Global Market; Asia Pacific to Offer Significant Opportunities
In terms of region, the global metformin hydrochloride API market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is projected to account for a leading share of the global metformin hydrochloride API market during the forecast period. High prevalence of diabetes and increase in geriatric population are anticipated to drive the market in the region. According to the CDC, nearly 34.2 million people have diabetes (10.5% of the population) and around 88 million people above 18 years have prediabetes (34.5% of the adult population) in the U.S. The market in Europe is expected to expand at a high CAGR in the near future, owing to the presence of local as well as global players and increase in the demand for metformin hydrochloride API in the region.
The metformin hydrochloride API market in Asia Pacific is likely to grow at a rapid pace in the near future. Rise in awareness and increase in healthcare expenditure in the region are projected to propel the market in Asia Pacific over the next few years.
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Growth Strategies of Key Players
Key players operating in the global metformin hydrochloride API market are Auro Laboratories Limited, Abhilasha Pharma Pvt. Ltd., Stanex Drugs & Chemicals Pvt. Ltd., Fengchen Group Co., Ltd., NS Chemicals, Midas Pharma GmbH, Harman Finochem Ltd., Aarti Drugs Ltd., Bayer AG, Ipca Laboratories Ltd., Panacea Biotech Ltd., Aristopharma Ltd., Sihuan Pharmaceutical Holdings Group Ltd., Intas Pharmaceuticals Ltd., Bal Pharma Limited, Sohan Healthcare Pvt. Ltd., JD Chem (I), Kothari Phytochemicals & Industries Ltd., Turtle Pharma Private Limited, Shijiazhuang Polee Pharmaceutical Co., Ltd., Shouguang Fukang Pharmaceutical Co., Ltd., USV Private Limited, Exemed Pharmaceuticals, Farmhispania Group, Shandong Keyuan Pharmaceutical Co., Ltd. Merck KGaA, Taj API, Vistin Pharma AS, and Wanbury Limited.
These companies adopt the strategy of capacity expansion in order to expand market share. For instance, in November 2020, Aarti Drugs Ltd. announced plans to expand the metformin hydrochloride API manufacturing capacity to 3,000 TPM. The company will start the phase I expansion project to 2,000 TPM in FY20-21.
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